Amorim SGPS will pay extraordinary dividends to investors

The cork giant has announced this Monday that it will pay its shareholders a net extraordinary dividend of six cents per share, which will be distributed starting on the 19th of December.

The biggest cork company in the country has announced this Monday that it will pay its shareholders a net extraordinary dividend of six cents per share. The company informed the Portuguese Market Regulator, CMVM that according to its General Assembly’s deliberation, starting on the 19th of December, the shareholders will be paid an extra 6,12 cents per share for private shareholders and 6,375 cents per share to corporate shareholders.

In total, the cork company will distribute €11.3bn the equivalent to a gross value of 8,5 cents per share. The dividends will be distributed within a maximum of 20 days, the company also announced in another note sent to the Market’s regulator.

Because of the taxation, whether it comes from IRS/income tax (28%) or IRC/corporate tax (25%), the shareholders get a net extra dividend of around six cents.

During the first nine months of the year, the cork company has seen its profits increase by 4%, reaching €58.6m, and sales also increased by 9.8% to €583.8m. The performance of the company has been said to be connected with a quite marked increase in the feedstock prices, which had put high pressure on the cork’s industry profit margins — however, this was overtaken by the increasing operational efficiency, rigorous control of costs and a reduction in impairments.